- Metros that saw the most inventory growth: Tampa (+90.1%), San
Diego (+80.4%), and Orlando
(+76.9%)
- The median price of homes for sale in August was
$429,990 decreasing 1.3% year over
year
- Homes spent 53 days on the market making August 2024 the slowest August in five
years
SANTA
CLARA, Calif., Sept. 5,
2024 /PRNewswire/ -- Home shoppers are looking at
more options to choose from this fall as the number of homes for
sale sits at the highest level since May
2020 and rates are poised to start coming down. The number
of homes actively for sale grew by 35.8% in August, the 10th
straight month of growth, according to the Realtor.com®
August Housing Trends Report. At the same time, home sellers pulled
back, with -0.9% fewer newly listed homes on the market compared
with last year.
"In April we noted that rising for-sale inventory was likely to
lead to more balance between buyers and sellers. This August, as
the number of homes on the market continues to climb, price cuts
are more common, asking prices are moderating, and homes are taking
longer to sell. The widely anticipated Fed rate cut has already
ushered in lower mortgage rates, but it seems that some buyers and
sellers are waiting for additional declines," said Danielle Hale, Chief Economist at
Realtor.com®. "As the market slows seasonally, fall is
one of the best times to buy a house. Falling mortgage rates are
likely to bring out additional home shoppers and a busier fall
season than usual, but the boost in activity is unlikely to
overwhelm the usual seasonal slowdown. Shoppers, who are out this
fall, are likely to face lower competition than is expected in
spring 2025 as more shoppers anticipate better mortgage rates."
The median price of homes for sale this August decreased by 1.3%
compared with last year, at $429,990,
however, the median price per square foot grew by 2.3%, indicating
that the inventory of smaller and more affordable homes continues
to grow in share. Homes spent 53 days on the market, the slowest
August in five years.
August 2024 Housing Metrics –
National
Metric
|
Change over Aug
2023
|
Change over Aug
2019
|
Median List Price Per
Sq.Ft.
|
+2.3 %
|
+51.0 %
|
Median listing
price
|
-1.3% (to
$429,990)
|
+36.2 %
|
Active
listings
|
+35.8 %
|
-26.4 %
|
New listings
|
-0.9 %
|
-20.0 %
|
Median days on
market
|
+7 days (to 53
days)
|
-6
days
|
Share of active
listings with price
reductions
|
+3.0 percentage
points
(to 19.2%)
|
+1.8 percentage
points
|
Inventory continues to grow
There were 35.8% more
homes actively for sale on a typical day in August compared with
the same time in 2023, marking the tenth consecutive month of
annual inventory growth and the highest count post-pandemic. This
is a slight deceleration from July, which was up 36.6%
year-over-year. This is the second consecutive month where the rate
of growth has decreased from the prior month. While inventory this
August certainly continues to improve, it is still down 26.4%
compared with August 2019 levels.
This is a slight improvement from last month's 28.7% gap.
Continued growth in affordable homes for sale
In
August, as in the previous six months, the growth in homes priced
in the $200,000 to $350,000 range outpaced all other price
categories, as home inventory in this range grew by 46.1% compared
with last year and is only down slightly from last month (47.3%).
This increase continues to be driven by a greater availability of
smaller and more affordable homes in the South.
Just like buyers, sellers pulled back this August as newly
listed homes were 0.9% below last year's levels, a reversal from
gains in new listings seen in July (8.4%) that breaks a nine month
streak of increasing listing activity. The sharp decrease in
mortgage rates seen in mid-August could lead to an increase in
listings in the coming months as lower rates begin to entice the
marginal homeowner to sell.
Days on market reaches five year high
The typical home
spent 53 days on the market in August, an increase of seven days
from a year ago. It was the slowest August in five years, though
time on the market was still six days less than the pre-pandemic
average for August. Homes are spending more time on the market in
all regions, led by the South (nine days longer), and followed by
the Midwest (three days) and the West and Northeast (two days).
"We have found that the market slows by about one day for every
5.5 percentage point increase in the year-over-year number of
active listings," said Ralph
McLaughin, Senior Economist at Realtor.com®.
"Given the rapid growth in inventory we're seeing now, that can
mean changes in some markets of up to 15-20 more days on the market
than last year."
Price reductions become more common
As the number of
active listings and days spent on the market grew, the percentage
of homes with price reductions also increased in August to 19.2%,
up 3.0 percentage points from last August. The share of price
reductions rose in all regions, led by the West (+ 3.5 percentage
points), and followed by the Midwest (+3.3 percentage points), the
South (+2.8 percentage points) and the Northeast (+2.0 percentage
points).
Median list price falls, but price per square foot continues
to grow
The national median list price fell 1.3% to
$429,990 in August compared to last
August at the same time the median listing price per square foot
rose 2.3% compared to last August, as the inventory mix shifted
toward smaller homes. Compared to August
2019, the typical listed home price grew by 36.2% while the
price per square foot rose by 51.0%.
South and West are closest to bridging pandemic era inventory
gap
All four U.S. regions continued to see active inventory
growth compared with August of last year; however, inventory in the
South and West has recovered the most compared to pre-pandemic
inventory levels.
For August, active listings grew by 46% in the South, 35.7% in
the West, 23.8% in the Midwest and 15.1% in the Northeast. The
South's inventory gap was the smallest compared to pre-pandemic
levels, with inventory down 12.2% in August compared to the typical
August in 2017-19. Inventory was 16.6% lower in the West, 44.9%
lower in the Midwest, and 54.5% lower in the Northeast compared
with pre-pandemic levels.
Of the 50 largest metro areas, just 11 had higher levels of
inventory in August compared with pre-pandemic levels, including
Austin,Texas (+36.6%), Memphis,
Tenn. (+28.7%) and San
Antonio (+25.2%).
Ranking
|
Metro
|
Inventory Growth
-
Active Listing
Count Y/Y
|
1
|
Tampa-St.
Petersburg-Clearwater, FL
|
90.1 %
|
2
|
San Diego-Chula
Vista-Carlsbad, CA
|
80.4 %
|
3
|
Orlando-Kissimmee-Sanford, FL
|
76.9 %
|
4
|
Miami-Fort
Lauderdale-Pompano Beach, FL
|
72.2 %
|
5
|
Seattle-Tacoma-Bellevue, WA
|
69.3 %
|
6
|
Jacksonville,
FL
|
68.3 %
|
7
|
Denver-Aurora-Lakewood,
CO
|
66.8 %
|
8
|
Charlotte-Concord-Gastonia, NC-SC
|
62.4 %
|
9
|
Atlanta-Sandy
Springs-Alpharetta, GA
|
58.0 %
|
10
|
Dallas-Fort
Worth-Arlington, TX
|
50.6 %
|
Additional details and full analysis of the market inventory
levels and additional trends in listing prices and more can be
found in the Realtor.com® August Monthly Housing Report.
August 2024 Housing Overview of
the 50 Largest Metros
Metro
Area
|
Median Listing
Price
|
Median Listing
Price YoY
|
Median Listing
Price per Sq. Ft.
YoY
|
Median Listing
Price vs August
2019
|
Median Listing
Price per Sq. Ft.
vs 2019
|
Atlanta-Sandy
Springs-
Alpharetta, Ga.
|
$415,000
|
-3.5 %
|
1.1 %
|
29.5 %
|
51.8 %
|
Austin-Round Rock-
Georgetown, Texas
|
$525,000
|
-7.6 %
|
-4.7 %
|
45.0 %
|
55.5 %
|
Baltimore-Columbia-Towson,
Md.
|
$370,900
|
-1.7 %
|
1.9 %
|
11.6 %
|
27.7 %
|
Birmingham-Hoover,
Ala.
|
$304,875
|
2.7 %
|
1.1 %
|
13.5 %
|
26.4 %
|
Boston-Cambridge-Newton,
Mass.-N.H.
|
$834,500
|
-1.1 %
|
0.8 %
|
40.1 %
|
58.3 %
|
Buffalo-Cheektowaga,
N.Y.
|
$279,900
|
7.8 %
|
6.7 %
|
30.5 %
|
43.8 %
|
Charlotte-Concord-Gastonia,
N.C.-S.C.
|
$435,000
|
1.2 %
|
2.0 %
|
26.0 %
|
56.6 %
|
Chicago-Naperville-Elgin, Ill.-
Ind.-Wis.
|
$385,000
|
0.1 %
|
2.4 %
|
18.7 %
|
32.4 %
|
Cincinnati,
Ohio-Ky.-Ind.
|
$349,900
|
-6.7 %
|
4.8 %
|
26.9 %
|
51.1 %
|
Cleveland-Elyria,
Ohio
|
$269,900
|
8.0 %
|
11.5 %
|
35.5 %
|
39.8 %
|
Columbus,
Ohio
|
$384,900
|
-0.3 %
|
5.4 %
|
26.1 %
|
53.7 %
|
Dallas-Fort
Worth-Arlington,
Texas
|
$444,990
|
-4.3 %
|
0.1 %
|
27.9 %
|
43.9 %
|
Denver-Aurora-Lakewood,
Colo.
|
$620,000
|
-6.1 %
|
1.4 %
|
24.4 %
|
44.7 %
|
Detroit-Warren-Dearborn,
Mich.
|
$279,900
|
2.8 %
|
5.2 %
|
10.5 %
|
31.4 %
|
Hartford-East
Hartford-
Middletown, Conn.
|
$415,000
|
3.8 %
|
14.1 %
|
38.9 %
|
62.3 %
|
Houston-The
Woodlands-
Sugar Land, Texas
|
$375,000
|
0.0 %
|
-0.1 %
|
19.6 %
|
37.8 %
|
Indianapolis-Carmel-
Anderson, Ind.
|
$330,000
|
-2.2 %
|
3.5 %
|
21.8 %
|
53.0 %
|
Jacksonville,
Fla.
|
$409,850
|
-4.1 %
|
-0.9 %
|
34.8 %
|
51.6 %
|
Kansas City,
Mo.-Kan.
|
$398,050
|
-8.5 %
|
-2.5 %
|
29.4 %
|
44.2 %
|
Las
Vegas-Henderson-
Paradise, Nev.
|
$480,000
|
5.1 %
|
6.1 %
|
48.3 %
|
55.7 %
|
Los Angeles-Long
Beach-
Anaheim, Calif.
|
$1,190,000
|
2.4 %
|
3.3 %
|
42.3 %
|
48.8 %
|
Louisville/Jefferson
County,
Ky.-Ind.
|
$324,195
|
0.5 %
|
3.6 %
|
19.5 %
|
40.7 %
|
Memphis,
Tenn.-Miss.-Ark.
|
$339,000
|
5.6 %
|
-0.2 %
|
45.6 %
|
61.1 %
|
Miami-Fort
Lauderdale-
Pompano Beach, Fla.
|
$530,000
|
-11.7 %
|
-9.1 %
|
32.6 %
|
44.0 %
|
Milwaukee-Waukesha,
Wis.
|
$399,000
|
13.2 %
|
5.3 %
|
44.6 %
|
42.2 %
|
Minneapolis-St.
Paul-
Bloomington, Minn.-Wis.
|
$439,990
|
-2.8 %
|
0.6 %
|
26.7 %
|
32.8 %
|
Nashville-Davidson-
Murfreesboro-Franklin, Tenn.
|
$550,000
|
-5.7 %
|
1.8 %
|
47.2 %
|
63.1 %
|
New Orleans-Metairie,
La.
|
$325,000
|
-4.2 %
|
-3.4 %
|
14.0 %
|
24.0 %
|
New
York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$750,000
|
4.6 %
|
5.1 %
|
30.2 %
|
69.3 %
|
Oklahoma City,
Okla.
|
$315,000
|
-7.3 %
|
-0.5 %
|
24.9 %
|
41.8 %
|
Orlando-Kissimmee-Sanford,
Fla.
|
$435,000
|
-5.2 %
|
-0.6 %
|
34.8 %
|
53.3 %
|
Philadelphia-Camden-
Wilmington, Pa.-N.J.-Del.-Md.
|
$382,000
|
9.1 %
|
6.6 %
|
32.3 %
|
52.2 %
|
Phoenix-Mesa-Chandler,
Ariz.
|
$515,000
|
-4.3 %
|
-0.6 %
|
33.9 %
|
51.5 %
|
Pittsburgh,
Pa.
|
$245,000
|
-2.0 %
|
3.7 %
|
22.7 %
|
27.1 %
|
Portland-Vancouver-Hillsboro,
Ore.-Wash.
|
$615,000
|
-3.6 %
|
1.2 %
|
29.9 %
|
39.6 %
|
Providence-Warwick,
R.I.-
Mass.
|
$573,700
|
4.3 %
|
7.7 %
|
51.1 %
|
48.2 %
|
Raleigh-Cary,
N.C.
|
$454,900
|
-2.2 %
|
2.3 %
|
22.3 %
|
51.3 %
|
Richmond,
Va.
|
$449,955
|
2.5 %
|
4.8 %
|
38.1 %
|
56.8 %
|
Riverside-San
Bernardino-
Ontario, Calif.
|
$599,000
|
4.1 %
|
3.7 %
|
43.8 %
|
59.3 %
|
Rochester,
N.Y.
|
$284,900
|
-
|
-
|
30.6 %
|
40.5 %
|
Sacramento-Roseville-
Folsom, Calif.
|
$640,000
|
-4.8 %
|
0.8 %
|
29.2 %
|
38.7 %
|
San Antonio-New
Braunfels,
Texas
|
$342,500
|
-4.1 %
|
-2.5 %
|
18.8 %
|
37.8 %
|
San Diego-Chula
Vista-
Carlsbad, Calif.
|
$999,000
|
-9.1 %
|
1.1 %
|
40.5 %
|
61.5 %
|
San
Francisco-Oakland-
Berkeley, Calif.
|
$969,000
|
-7.7 %
|
-4.9 %
|
5.4 %
|
23.4 %
|
San
Jose-Sunnyvale-Santa
Clara, Calif.
|
$1,399,000
|
-5.1 %
|
-0.2 %
|
24.9 %
|
25.3 %
|
Seattle-Tacoma-Bellevue,
Wash.
|
$775,000
|
-3.1 %
|
-1.2 %
|
30.1 %
|
45.6 %
|
St. Louis,
Mo.-Ill.
|
$301,900
|
6.4 %
|
6.5 %
|
33.3 %
|
31.7 %
|
Tampa-St.
Petersburg-
Clearwater, Fla.
|
$415,000
|
-6.2 %
|
-3.8 %
|
47.0 %
|
63.4 %
|
Virginia
Beach-Norfolk-
Newport News, Va.-N.C.
|
$392,800
|
2.4 %
|
5.1 %
|
33.8 %
|
45.0 %
|
Washington-Arlington-
Alexandria, DC-Va.-Md.-W.
Va.
|
$599,900
|
-2.5 %
|
5.1 %
|
26.3 %
|
54.6 %
|
Metro Area
|
Active Listing
Count YoY
|
New Listing
Count YoY
|
Median Days
on Market
|
Median Days
on Market Y-Y
(Days)
|
Price–
Reduced
Share
|
Price-
Reduced
Share Y-Y
(Percentage
Points)
|
Atlanta-Sandy
Springs-
Alpharetta, Ga.
|
58.0 %
|
6.7 %
|
47
|
7
|
23.6 %
|
5.4 pp
|
Austin-Round
Rock-
Georgetown, Texas
|
25.6 %
|
-12.8 %
|
65
|
11
|
28.0 %
|
-7.6 pp
|
Baltimore-Columbia-Towson,
Md.
|
29.1 %
|
4.2 %
|
37
|
0
|
16.5 %
|
3.4 pp
|
Birmingham-Hoover, Ala.
|
31.4 %
|
8.1 %
|
50
|
6
|
18.2 %
|
1.3 pp
|
Boston-Cambridge-Newton,
Mass.-N.H.
|
26.3 %
|
5.0 %
|
39
|
2
|
16.3 %
|
3.5 pp
|
Buffalo-Cheektowaga, N.Y.
|
17.2 %
|
-1.2 %
|
39
|
1
|
9.3 %
|
1.6 pp
|
Charlotte-Concord-Gastonia,
N.C.-S.C.
|
62.4 %
|
8.5 %
|
44
|
6
|
23.6 %
|
8.3 pp
|
Chicago-Naperville-Elgin, Ill.-
Ind.-Wis.
|
11.0 %
|
1.4 %
|
36
|
1
|
14.6 %
|
2.6 pp
|
Cincinnati,
Ohio-Ky.-Ind.
|
38.7 %
|
31.4 %
|
33
|
2
|
19.3 %
|
9.6 pp
|
Cleveland-Elyria,
Ohio
|
13.7 %
|
4.5 %
|
38
|
-1
|
15.7 %
|
1.5 pp
|
Columbus,
Ohio
|
35.3 %
|
11.4 %
|
36
|
10
|
22.7 %
|
2.7 pp
|
Dallas-Fort
Worth-Arlington,
Texas
|
50.6 %
|
12.3 %
|
49
|
8
|
28.4 %
|
3.3 pp
|
Denver-Aurora-Lakewood,
Colo.
|
66.8 %
|
5.3 %
|
46
|
12
|
27.7 %
|
3.8 pp
|
Detroit-Warren-Dearborn,
Mich.
|
14.5 %
|
3.4 %
|
36
|
0
|
15.8 %
|
2.5 pp
|
Hartford-East
Hartford-
Middletown, Conn.
|
9.6 %
|
-1.8 %
|
33
|
-4
|
9.7 %
|
2.7 pp
|
Houston-The
Woodlands-
Sugar Land, Texas
|
31.9 %
|
10.5 %
|
51
|
9
|
20.0 %
|
0.2 pp
|
Indianapolis-Carmel-
Anderson, Ind.
|
29.5 %
|
-4.8 %
|
43
|
7
|
25.4 %
|
3.3 pp
|
Jacksonville,
Fla.
|
68.3 %
|
-7.9 %
|
61
|
12
|
28.0 %
|
5.8 pp
|
Kansas City,
Mo.-Kan.
|
22.7 %
|
3.1 %
|
52
|
2
|
17.7 %
|
2.2 pp
|
Las
Vegas-Henderson-
Paradise, Nev.
|
-
|
17.1 %
|
42
|
-1
|
20.6 %
|
5.3 pp
|
Los Angeles-Long
Beach-
Anaheim, Calif.
|
41.6 %
|
16.2 %
|
44
|
3
|
13.4 %
|
2.8 pp
|
Louisville/Jefferson County,
Ky.-Ind.
|
32.9 %
|
6.6 %
|
38
|
7
|
19.9 %
|
3.4 pp
|
Memphis,
Tenn.-Miss.-Ark.
|
44.7 %
|
-2.7 %
|
59
|
13
|
23.3 %
|
2.8 pp
|
Miami-Fort
Lauderdale-
Pompano Beach, Fla.
|
72.2 %
|
9.9 %
|
74
|
12
|
17.3 %
|
5.0 pp
|
Milwaukee-Waukesha, Wis.
|
7.5 %
|
-5.7 %
|
29
|
0
|
14.7 %
|
1.6 pp
|
Minneapolis-St.
Paul-
Bloomington, Minn.-Wis.
|
25.5 %
|
-4.6 %
|
37
|
1
|
17.1 %
|
3.0 pp
|
Nashville-Davidson-
Murfreesboro-Franklin, Tenn.
|
25.1 %
|
22.8 %
|
38
|
1
|
24.6 %
|
0.7 pp
|
New
Orleans-Metairie, La.
|
36.0 %
|
-4.5 %
|
68.5
|
5
|
20.4 %
|
-1.2 pp
|
New
York-Newark-Jersey City,
N.Y.-N.J.-Pa.
|
2.1 %
|
-3.0 %
|
58
|
-1
|
8.2 %
|
0.6 pp
|
Oklahoma City,
Okla.
|
36.5 %
|
3.4 %
|
44
|
1
|
22.8 %
|
2.1 pp
|
Orlando-Kissimmee-Sanford,
Fla.
|
76.9 %
|
5.6 %
|
63
|
17
|
25.2 %
|
6.4 pp
|
Philadelphia-Camden-
Wilmington, Pa.-N.J.-Del.-Md.
|
12.9 %
|
0.3 %
|
44
|
-1
|
14.1 %
|
1.8 pp
|
Phoenix-Mesa-Chandler, Ariz.
|
50.3 %
|
-35.6 %
|
57
|
12
|
27.3 %
|
9.6 pp
|
Pittsburgh,
Pa.
|
24.1 %
|
-0.9 %
|
47
|
-1
|
20.9 %
|
5.0 pp
|
Portland-Vancouver-Hillsboro,
Ore.-Wash.
|
28.8 %
|
-2.2 %
|
51
|
10
|
29.3 %
|
10.6 pp
|
Providence-Warwick, R.I.-
Mass.
|
26.7 %
|
1.4 %
|
32
|
2
|
17.5 %
|
9.8 pp
|
Raleigh-Cary,
N.C.
|
48.8 %
|
0.4 %
|
47
|
7
|
21.2 %
|
7.3 pp
|
Richmond,
Va.
|
33.8 %
|
-5.9 %
|
43
|
4
|
15.2 %
|
5.9 pp
|
Riverside-San
Bernardino-
Ontario, Calif.
|
38.2 %
|
9.4 %
|
53
|
7
|
16.8 %
|
2.2 pp
|
Rochester,
N.Y.
|
-
|
-
|
39
|
24
|
4.9 %
|
-
|
Sacramento-Roseville-
Folsom, Calif.
|
48.5 %
|
11.0 %
|
44
|
7
|
20.7 %
|
4.4 pp
|
San Antonio-New
Braunfels,
Texas
|
38.3 %
|
2.3 %
|
61
|
11
|
27.8 %
|
0.4 pp
|
San Diego-Chula
Vista-
Carlsbad, Calif.
|
80.4 %
|
19.1 %
|
38
|
5
|
17.8 %
|
5.8 pp
|
San
Francisco-Oakland-
Berkeley, Calif.
|
31.3 %
|
9.7 %
|
37
|
4
|
12.9 %
|
2.5 pp
|
San
Jose-Sunnyvale-Santa
Clara, Calif.
|
45.0 %
|
5.2 %
|
31
|
5
|
11.3 %
|
1.2 pp
|
Seattle-Tacoma-Bellevue,
Wash.
|
69.3 %
|
30.0 %
|
38
|
5
|
17.4 %
|
2.6 pp
|
St. Louis,
Mo.-Ill.
|
17.6 %
|
-6.5 %
|
41
|
4
|
15.9 %
|
2.7 pp
|
Tampa-St.
Petersburg-
Clearwater, Fla.
|
90.1 %
|
-0.9 %
|
64
|
21
|
29.3 %
|
7.5 pp
|
Virginia
Beach-Norfolk-
Newport News, Va.-N.C.
|
20.2 %
|
5.5 %
|
36
|
6
|
20.8 %
|
4.6 pp
|
Washington-Arlington-
Alexandria, DC-Va.-Md.-W.
Va.
|
23.8 %
|
1.9 %
|
37
|
2
|
13.7 %
|
2.1 pp
|
Methodology
Realtor.com® housing
data as of August 2024. Listings
include the active inventory of existing single-family homes and
condos/townhomes/row homes/co-ops for the given level of geography
on Realtor.com®; new construction is excluded
unless listed via an MLS that provides listing data to
Realtor.com®. Realtor.com® data
history goes back to July 2016. The
50 largest U.S. metropolitan areas as defined by the Office of
Management and Budget (OMB-202003).
With the release of its August
2024 housing trends report,
Realtor.com® has restated data points for
some previous months. As a result of these changes, some of the
data released since August 2024 will
not be directly comparable with previous data releases (files
downloaded before September 2024) and
Realtor.com® economics research reports.
About
Realtor.com®
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consumers, empowering more people to find their way home by
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NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more
information, visit Realtor.com®.
Media Contact: press@realtor.com
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SOURCE Realtor.com